Automotive Engine Market to Grow with a CAGR of 5.59% through 2029
Increasing consumer preference for
high-performance vehicles, the growth of emerging markets, and the adoption of
hybrid engine technologies are the factors driving the market in the forecast
period 2025-2029.
According to TechSci Research report, “Automotive
Engine Market - Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2029F” " The Global Automotive Engine market was
valued at USD 98.84 Billion in 2023 and is expected to reach USD 136.84 Billion
by 2029 with a CAGR of 5.59% during the forecast period. The global automotive engine market continues to
evolve, driven by the rising need for engines that deliver superior power and
reduced fuel consumption. As consumers seek vehicles that offer not only
performance but also lower running costs, the demand for advanced engine
technologies has surged. Innovations in turbocharging, variable valve timing,
and dual-fuel systems are addressing this need, as they improve engine
efficiency while enhancing power output. These advancements allow manufacturers
to cater to consumer demands for both performance and fuel economy.
Key trends in the automotive engine market include the
growing demand from emerging economies for more affordable, fuel-efficient
vehicles. As disposable incomes rise and urbanization increases, consumers in
these regions are increasingly seeking vehicles that offer better fuel economy
and lower running costs. Hybrid engines, combining internal combustion with
electric motors, are gaining popularity as they provide a balance of
performance and efficiency, which aligns with the demands of consumers in developing
markets. Furthermore, advancements in materials technology are helping reduce
the weight of engines, which enhances fuel efficiency and vehicle performance.
The integration of digital technologies, such as smart engine management
systems and AI-powered diagnostics, is also gaining traction, providing
real-time optimization to further boost fuel efficiency.
However, the automotive engine market faces
significant challenges, such as rising material and manufacturing costs. The
high complexity of modern engine systems, which incorporate multiple
technologies for fuel efficiency, performance, and emissions reduction,
increases production expenses. In addition, the shift towards electric vehicles
presents competition, as many automakers are pivoting towards fully electric
drivetrains to meet environmental goals. The ongoing evolution of market
dynamics, including regulatory pressures and the push for sustainable
solutions, will require engine manufacturers to find cost-effective solutions
while meeting changing consumer preferences.
Browse over xx market data Figures spread
through xx Pages and an in-depth TOC on "Global Automotive Engine Market.”
The Automotive Engine Market is segmented into vehicle
type, placement type, fuel type, and region.
The global automotive engine market is segmented by
vehicle type, including passenger cars, commercial vehicles, and two-wheelers,
with each segment exhibiting distinct growth patterns. Among these, the
two-wheeler segment is the fastest growing, driven by the rising demand for
affordable, fuel-efficient transportation in emerging markets, particularly in
Asia-Pacific. Two-wheelers, including motorcycles and scooters, are widely used
due to their affordability, fuel efficiency, and convenience, especially in
densely populated urban areas. This segment is benefiting from the increasing
middle-class population in developing regions, where personal mobility
solutions are essential for daily commuting.
Passenger cars hold a significant share of the market,
with growth fueled by consumers’ desire for more fuel-efficient and
environmentally friendly vehicles. The demand for compact and mid-sized
vehicles continues to rise globally, with advanced engine technologies such as
turbocharging and hybrid powertrains becoming more common in these vehicles to
improve performance and fuel economy. Commercial vehicles, while slower growing
in comparison, continue to be a stable market, driven by the need for heavy-duty
engines for transportation, logistics, and infrastructure development. These
vehicles require durable and high-performance engines capable of handling long
distances and heavy loads, especially in emerging economies experiencing rapid
infrastructure growth.
Asia-Pacific has emerged as the fastest-growing
automotive engine market in 2023, due to the rapid expansion of vehicle
production and consumption in countries like China, India, and Southeast Asia.
The region is home to a large and growing middle class, leading to a surge in
demand for all types of vehicles, including passenger cars, commercial
vehicles, and two-wheelers. The affordability of two-wheelers, along with
growing interest in fuel-efficient cars and trucks, drives engine demand.
Emerging economies in the region are investing heavily in infrastructure, which
further fuels the demand for commercial vehicles. With technological
advancements and increasing vehicle affordability, Asia-Pacific's automotive
engine market is set to continue its rapid growth in the coming years.
Major companies operating in the global Automotive
Engine Market are:
- Mercedes-Benz
- Cummins Inc.
- Toyota Motor Corporation
- BMW
- General Motors
- Honda Motor Company Ltd
- Hyundai Motor Company
- Suzuki Motor Corporation
- Stellantis N.V.
- Scania AB
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“Right now, the
automotive engine market is going through some exciting changes. With more
people looking for cars that are not only powerful but also fuel-efficient and
eco-friendly, engine makers are getting creative. Hybrid engines are becoming
more common, and manufacturers are using lighter, stronger materials to make
engines run smoother and save on fuel. Plus, as countries in emerging markets
continue to grow, there's a big push for affordable yet efficient vehicles,
from cars to two-wheelers. It's all about finding that perfect balance between
performance, cost, and sustainability. The industry is evolving fast, and it's
clear that the engines of tomorrow will be more efficient and greener than ever
before. “Said Mr. Karan Chechi, Research Director of TechSci Research, a
research-based management consulting firm.
Automotive Engine Market
–Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By
Vehicle Type (Passenger Cars, Commercial Vehicle, Two-Wheeler), By Placement
Type (In-Line, V-Type, W-Type), By Fuel Type (Petrol, Diesel, Other Fuels), By
Region, By Competition, 2029F”, has evaluated the future growth potential of global
Automotive Engine Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision-makers make sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global Automotive
Engine Market.
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